N.C. Gen. Stat. § 53C-9-403
Authority to serve as trustee terminated
Redline — June 1, 2021 → current.View current text →
Current — April 1, 2022
As of June 1, 2021
Whenever any bank that has been, or shall be, appointed trustee in any indenture, deed of trust, or other instrument of like character, executed to secure the payment of any bonds, notes, or other evidences of indebtedness, has been or shall be placed in receivership, a new trustee shall be appointed in the manner provided in G.S. 36C-7-704 or other applicable law, and the powers and duties of the bank as trustee in any such instrument shall immediately cease.
Whenever any bank that has been, or shall be, appointed trustee in any indenture, deed of trust, or other instrument of like character, executed to secure the payment of any bonds, notes, or other evidences of indebtedness, has been or shall be placed in receivership, a new trustee shall be appointed in the manner provided in G.S. 36C-7-704 or other applicable law, and the powers and duties of the bank as trustee in any such instrument shall immediately cease.
History
(2012-56, s. 4; 2013-29, s. 19.)
Effect of Amendments. - Session Laws 2013-29, s. 19, effective April 16, 2013, inserted "a new trustee shall be appointed in the manner provided in G.S. 36C-7-704 or other applicable law, and" and deleted "upon the entry of an order of the clerk of superior court having jurisdiction under G.S. 53C-9-405 appointing a successor trustee, upon a petition as described in this Part" preceding "immediately cease" in this section.
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.